Governor Hobbs Announces Nearly $8 Million to Support Arizona Small Businesses

PHOENIX, AZ (September 17, 2024) – Today, Governor Katie Hobbs and the Arizona Commerce Authority announced Arizona will receive a $7.9 million grant from the U.S. Department of Treasury as part of their State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). Since taking office, Governor Hobbs has met with countless small business owners and understands the need for increased access to capital. Recognizing this, Governor Hobbs identified this grant as a priority to connect small businesses in key areas – manufacturing, clean energy, semiconductors – to historic investment opportunities that allow them to thrive in Arizona’s economic ecosystem. The funding will be used to expand and enhance already successful small business programs.

“Small businesses are the backbone of our economy and are the heart and soul of the communities they serve,” said Governor Katie Hobbs. “This grant will unlock vital resources for underserved small businesses, allowing them to take advantage of historic federal investment. I am grateful to the Department of Treasury for awarding this funding, and to the Arizona Commerce Authority for their hard work making sure Arizonans get the support they need. I will continue to make sure that anyone with a bright idea and an entrepreneurial spirit has an opportunity to not just start a business, but to see it thrive.”

“We’re honored the ACA has been selected as a grant awardee under the SSBCI Investing in America Small Business Opportunity Program,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “Small businesses are the foundation of our growing economy, and this grant will enable the ACA and Arizona to further support the success of underserved Arizona small businesses, leading to more economic opportunity for Arizonans statewide. We’re grateful to the U.S. Treasury Department and the Small Business and Community Investment Programs Office of Capital Access, as well as to Governor Hobbs and all of our partners working to support small businesses.”

ACA’s application was one of the top 3 applications of the 14 submitted, winning $7.9 of $75 million in total funds available, and was highlighted by U.S. Deputy Secretary of the Treasury Wally Adeyemo.

Arizona was selected for the SBOP award through a competitive selection process. The funding will expand and enhance technical assistance programs to foster economic growth across the state, with a focus on rural and mining communities, and will provide vital support to very small businesses (VSBs) and underserved businesses. To further support Arizona small businesses and entrepreneurs, the award will expand three existing programs: DreamBuilder, Moonshot, and the Arizona Manufacturing Extension Partnership (AZ MEP).

Developed by Freeport McMoRan and managed by the Thunderbird School of Global Management at ASU, the DreamBuilder program will expand its in-person cohort program to nine additional Small Business Development Centers (SBDCs) statewide with the new funding. Combining online training with live classes, DreamBuilder will help women and underserved entrepreneurs enhance skills, including financial planning. Moonshot, a rural-focused pitch competition, will extend its tour to four additional communities, and will provide bilingual resources to Hispanic and Latino entrepreneurs. Additionally, Arizona expects that AZ MEP will provide training and advisory services to 900 rural and underserved manufacturers, helping position them for success and growth opportunities in sectors like semiconductors, clean energy, and defense.

Media Contact

Alyssa Tufts, Arizona Commerce Authority, [email protected]

About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create - attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter @azcommerce.